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← Maninagar Shree Swaminarayan Gadi Sansthan Shree Muktajeevan Swamibapa Sthapit Shree Swaminarayan Sidhant Sajivan Mandal - Bolton

2023-12-31-accounts

REGISTERED CHARITY NUMBER: 1130120

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

SHREE SWAMINARAYAN SIDHANT SAJIVAN MANDAL BOLTON

Zia & Co 825A, Stockport Road Manchester Greater Manchester M19 3PN

SHREE SWAMINARAYAN SIDHANT SAJIVAN MANDAL BOLTON CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

Page
Report of the Trustees 1 to 2
Statement of Trustees' Responsibilities 3
Report of the Independent Auditors 4 to 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 11
Detailed Statement of Financial Activities 12

SHREE SWAMINARAYAN SIDHANT SAJIVAN MANDAL BOLTON

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST DECEMBER 2023

The Trustees present their report with the financial statements of the charity for the year ended 31st December 2023. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The primary objective of the organisation is to provide a place of worship and ancillary activities for the promotion of the Hindu Faith ( Shree Swaminarayan Gadi Sansthan Maninagar ).

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Services were held daily and all the festivals were celebrated with high level of attendance .

Gujarati Language classes were held every Saturday. The Arts and Cultural Centre within the temple was regularly visited by local schools and other community groups.

Financial Performance

The trustees are please to be able to report that during 2023 the charity achieved a surplus of £ 74,356 (2022 £ -89,467).

FINANCIAL REVIEW

Investment policy and objectives

The charity's funds are placed on short - term, interest-bearing fixed deposits for ease of access.

Reserves policy

The charity now has free reserves of £ 4,107,030 (2022 £ 4,032,674).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The organisation is an unincorporated association registered with Charities Commission on 11 June 2009 under a constitution adopted on 6 September 2008 and amended on 24 May 2009.

SHREE SWAMINARAYAN SIDHANT SAJIVAN MANDAL BOLTON

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The charity is managed by the thirteen members managing committee which include three of the trustees above mentioned. All the trustees and committee members are elected by members of the congregation simultaneously for a three -year term currently expiring on 31 December 2024.The trustees meet regularly throughout the year.

Three of the trustees are also titleholders of the freehold property.

Other members of managing committee are: Mr Govind Valji Naran Mr Harshad Kalyan Hirani Mr Laxman Lalji Varsani Mr Navnitkumar Gopal Sanghani Mr J R Patel Mr M Kathiriya Mr P Naran Mr D M Raghwani

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1130120

Principal address 161 Deane Road Bolton Lancashire BL3 5AH Trustees K B Patel Secretary, Trustee & titleholder K V Naran Chairperson, Trustee & titleholder N K Patel, Trustee, titleholder & treasurer

Auditors Zia & Co Chartered Certified Accountants & Registered Auditors 825A, Stockport Road Manchester Greater Manchester M19 3PN

Approved by order of the board of trustees on 10th June 2024 and signed on its behalf by:

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K V Naran - Trustee

SHREE SWAMINARAYAN SIDHANT SAJIVAN MANDAL BOLTON

STATEMENT OF TRUSTEES' RESPONSIBILITIES

Organisational structure

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees of the charity are required to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the trust and of the surplus or deficit of the charity for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible also for keeping proper accounting records which disclose with reasonable accuracy the financial position of the trust and to enable it to ensure that the financial statements comply with the charity law. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In respect of the audit the trustees have a responsibility to ensure that they take all steps necessary in order to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SHREE SWAMINARAYAN SIDHANT SAJIVAN

MANDAL BOLTON

Opinion

We have audited the financial statements of Shree Swaminarayan Sidhant Sajivan Mandal Bolton (the 'charity') for the year ended 31st December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.

In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the charity’s business model including effects arising from macro-economic uncertainties such as the cost of living crisis, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the charity’s financial resources or ability to continue operations over the going concern period.

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Report of the Trustees is inconsistent in any material respect with the financial - statements; or

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

SHREE SWAMINARAYAN SIDHANT SAJIVAN MANDAL BOLTON

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

 We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable trust and the sector in which it operates. We determined that the following laws and regulations were most significant: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), Charities SORP (FRS 102), Charities Act 2011, Data Protection Act 2018 and The Charities (Protection and Social Investment) Act 2016, Health and Safety, Employee matters and Bribery and Corruption Practices.

 We understood how the charity is complying with these legal and regulatory frameworks by making inquiries of management and those charged with governance. We enquired of management and those charged with governance whether there were any instances of noncompliance with laws and regulations, or whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our review of board and other minutes and through our legal and professional expenses review;

 We assessed the susceptibility of the charitable charity’s financial statements to material misstatement, including how fraud might occur and the risk of material override of controls. Audit procedures performed by the engagement team included:

 These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;

To address the risk of fraud through management bias and override of controls, we:

o performed analytical procedures to identify any unusual or unexpected relationships;

o tested journal entries to identify unusual transactions;

o assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

o investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

o agreeing financial statement disclosures to underlying supporting documentation;

o reading the minutes of meetings of those charged with governance;

o enquiring of management as to actual and potential litigation and claims; and

o reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance with those laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SHREE SWAMINARAYAN SIDHANT SAJIVAN MANDAL BOLTON

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Zia & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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Muhammad Saeed Zia FCCA (Senior Statutory Auditor) for and behalf of Zia & Co

Zia & Co Chartered Certified Accountants & Registered Auditors

Date: 10th June 2024

825A, Stockport Road Manchester Greater Manchester M19 3PN

SHREE SWAMINARAYAN SIDHANT SAJIVAN MANDAL BOLTON

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
2
Total
EXPENDITURE ON
Charitable activities
Provision of religious services
Other
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
309,099
48,885
357,984
229,893
3,000
232,893
125,091
1,959,405
2,084,496		 Restricted
fund
£
-
50,735
50,735
(50,735)
2,073,269
2,022,534		 2023
Total
funds
£
309,099
48,885
357,984
-
280,628
3,000
283,628
74,356
4,032,674
4,107,030		 2022
Total
funds
£
311,005
26,307
337,312
-
424,579
2,200
426,779
(89,467)
4,122,141
4,032,674

The notes form part of these financial statements - 7 -

SHREE SWAMINARAYAN SIDHANT SAJIVAN MANDAL BOLTON

BALANCE SHEET FOR THE YEAR ENDED 31ST DECEMBER 2023

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----- Start of picture text -----
2023 2022
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 5 427,998 2,022,534 2,450,532 2,515,578
CURRENT ASSETS
Investments 6 1,602,623 1,602,623 1,058,409
Cash at bank and in hand 56,876 56,876 461,687
1,659,498 - 1,659,498 1,520,096
CREDITORS
Amounts falling due within one year 7 3,000 3,000 3,000
NET CURRENT ASSETS 1,656,498 - 1,656,498 1,517,096
TOTAL ASSETS LESS CURRENT
LIABILITIES 2,084,496 2,022,534 4,107,030 4,032,674
NET ASSETS 2,084,496 2,022,534 4,107,030 4,032,674
FUNDS 8
Unrestricted funds 2,084,496 1,959,405
Restricted funds 2,022,534 2,073,269
TOTAL FUNDS
4,107,030 4,032,674
----- End of picture text -----

The financial statements were approved by the Board of Trustees and authorised for issue on 10th June 2024 and were signed on its behalf by:

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K V Naran - Trustee

The notes form part of these financial statements - 8 -

SHREE SWAMINARAYAN SIDHANT SAJIVAN MANDAL BOLTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

1 ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Going Concern

The trustees consider that there are no material uncertainty about the charity's ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Donations payable

Donations payable are made to third parties in furtherence of the charity's objects. Donations are accunted for when either the recepient has reasonable expectation that they will receive the donation and the trustees have agreed to pay the donations without condition.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost Fixtures and fittings - 5% on cost

Taxation

The charity is exempt from tax on its charitable activities.

Government Grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of the valid claim for payment. No capital grants were received during the year. Grants of revenue nature are credited to income so as to match them with the expenditure to which they relate.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

The Restricted fund in these financial statements refers to the " Building Extension Project" undertaken during past years and the restricted funds raised for the said project have been expended according to the objectives of the fund.

Continued….

SHREE SWAMINARAYAN SIDHANT SAJIVAN MANDAL BOLTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

2
INVESTMENT INCOME
Rent received
Deposit account interest		 2023
£
26,933
21,952
48,885		 2022
£
19,415
6,892
26,307

3 TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2023.

4 STAFF COSTS

The average monthly number of employees during the year
Priest
No employees received emoluments in excess of £60,000.
TANGIBLE FIXED ASSETS
Freehold
Property
£
COST
At 1st January 2023
310,041
Additions
At 31st December 2023
310,041
DEPRECIATION
At 1st January 2023
80,252
Charge for year
6,201
At 31st December 2023
86,453
NET BOOK VALUE
At 31st December 2023
223,588		 was as follows:
Improvements
to property
£
2,536,699
2,536,699
348,230
50,735
398,965
2,137,734		 2023
1
Fixtures and
fittings
£
162,200
162,200
64,880
8,110
72,990
89,210		 2022
1
Totals
£
3,008,940
3,008,940
493,362
65,046
558,408
2,450,532

5 TANGIBLE FIXED ASSETS

Continued….

SHREE SWAMINARAYAN SIDHANT SAJIVAN MANDAL BOLTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

6
CURRENT ASSET INVESTMENTS
Investments
7
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses
8
MOVEMENT IN FUNDS
At 01/01/2023
£
Unrestricted funds
General fund
1,959,405
Restricted funds
Building Extension Fund
2,073,269
TOTAL FUNDS
4,032,674
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
357,984
Restricted funds
Building Extension Fund
-
TOTAL FUNDS
357,984		 2023
£
1,602,623
2023
£
3,000
Net movement
in funds
£
125,091
(50,735)
74,356
Resources
expended
£
232,893
50,735
283,628		 2022
£
1,058,409
2022
£
3,000
At 31/12/2023
£
2,084,496
2,022,534
4,107,030
Movement in
funds
£
125,091
(50,735)
74,356

There were no related party transactions for the year ended 31st December 2023.

9 RELATED PARTY DISCLOSURES

Continued….

SHREE SWAMINARAYAN SIDHANT SAJIVAN MANDAL BOLTON

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Grants
Investment income
Rent received
Deposit account interest
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Household & cleaning
Prasad & kitchen expenditure
Donations made
Repair & maintenance
Music instruments
Security charges
Shibir
Sports Expenses
Bank charges
Depreciation
Support costs
Governance costs
Auditors' remuneration
Accountancy and legal fees
Total resources expended
Net income		 2023
£
267,773
41,326
-
309,099
26,933
21,952
48,885
357,984
16,000
1,467
9,203
11,831
951
1,433
5,006
18,622
56,000
21,131
11,123
303
4,598
57,804
112
65,046
280,628
1,200
1,800
3,000
283,628
74,356		 2022
£
258,524
52,481
-
311,005
19,415
6,892
26,307
337,312
8,000
1,388
8,017
10,755
887
5,117
3,683
10,511
273,752
16,614
7,222
13,588
65,046
424,579
400
1,800
2,200
426,779
(89,467)

This page does not form part of the statutory financial statements - 12 -